New Patient Calls Converted to Exams – Industry benchmarks recommends 90% of new patients that call to schedule an exam to come in to complete an exam. This 10% attrition accounts for no-shows and other patients that might be added into your system from external marketing efforts. In the waterfall example, 793 patients were added and 625 came in for an exam. This 79% conversion rate is short by 11% of the 90% benchmark. Translated to expected exams, this practice should have seen 89 more exams to arrive at the benchmark. Assuming that 20% of new patients who come in for an exam will be put into observation until ready for treatment and with a case acceptance of 63.52% and an average contract fee of $5,089, the opportunity missed is $230,156 in additional production.
Properly Managing your Observation Program – Industry benchmarks note that 20% of new patient exams should move into observation while 25% of starts should come from your existing observation group. In this illustration, only 97 new patients were moved to observation (15.5%) while 92 starts (21.4%) came from patients in observation. Starting 15 more patients from Observation to reach the 25% benchmark would create $76,335 of additional production.
Phase I to Phase II conversion – The Industry benchmark for Phase 1 to Phase II conversion is 85%. Based on the data housed in Gaidge, the actual conversion rate for single doctor owners is 52%. This 33% gap represents $111,958 in additional production.
Adding up the leaks in these three buckets represents approximately $418,000 in additional production opportunity. We realize each of your practices will be unique, and we believe every practice has opportunity to evaluate and improve their conversion waterfall.
If you are interested in learning more about the conversion waterfall and how Gaidge can help you identify and then implement processes, strategies and systems to reduce your leaky bucket, please contact us at firstname.lastname@example.org for a demo and discussion of your practice.